ACC 290 Week 1 Practice: Connect Practice Assignment

ACC 290 Week 1 Practice: Connect Practice Assignment 

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ACC 290 Week 1 Practice: Connect Practice Assignment

Complete the Week 1 Practice in Connect.

Note: You have unlimited attempts available to complete practice assignments

1

On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.

TRANSACTIONS

1. The owner invested $100,000 in cash to begin the business.

1. Paid $20,250 in cash for the purchase of equipment.

1. Purchased additional equipment for $15,200 on credit.

1. Paid $12,500 in cash to creditors.

1. The owner made an additional investment of $25,000 in cash.

1. Performed services for $9,750 in cash.

1. Performed services for $7,800 on account.

1. Paid $6,000 for rent expense.

1. Received $5,500 in cash from credit clients.

1. Paid $7,550 in cash for office supplies.

1. The owner withdrew $12,000 in cash for personal expenses.

Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.

Analyze:

What is the ending balance of cash after all transactions have been recorded?

2

On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses.

Paid $3,100 for advertising.

Provided services for $2,800 in cash.

Paid $800 for telephone service.

Paid salaries of $2,600 to employees.

Provided services for $3,000 on credit.

Paid $450 for office cleaning service.

Did the firm earn a net income or incur a net loss for the period? What was the amount?

3

At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.